Economic Overview - In July, the manufacturing Purchasing Managers' Index (PMI) dropped to 49.3%, a decrease of 0.4 percentage points from the previous month, influenced by seasonal production slowdowns and extreme weather conditions [1] - The non-manufacturing business activity index and the comprehensive PMI output index were 50.1% and 50.2%, respectively, both down by 0.4 and 0.5 percentage points, yet remaining above the critical point [1] Manufacturing Sector - The manufacturing new orders index fell to 49.4%, down 0.8 percentage points from last month, while the production index was at 50.5%, a decrease of 0.5 percentage points but still indicating expansion for three consecutive months [1] - The equipment manufacturing PMI and high-tech manufacturing PMI were 50.3% and 50.6%, respectively, both above the critical point, indicating continued expansion in high-end equipment manufacturing [1] Price Trends - The main raw materials purchasing price index rose to 51.5%, an increase of 3.1 percentage points, marking the first time since March that it exceeded the critical point, while the factory price index was at 48.3%, up 2.1 percentage points [2] - Industries such as petroleum, coal, and black metal processing saw significant rebounds in their purchasing and factory price indices, indicating improved market prices [2] Business Activity by Enterprise Size - In July, the PMI for large enterprises was 50.3%, down 0.9 percentage points, with production and new orders indices at 52.1% and 50.7%, respectively, indicating sustained expansion [2] - The PMI for medium-sized enterprises increased to 49.5%, up 0.9 percentage points, while small enterprises saw a PMI of 46.4%, down 0.9 percentage points [2] Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points, with construction activity slowing due to adverse weather, reflected in a business activity index of 50.6%, down 2.2 percentage points [4] - Sectors related to travel and consumption, such as railway and air transport, maintained high business activity indices above 60%, indicating robust growth [4] Future Outlook - Despite short-term fluctuations due to extreme weather, the overall economic foundation remains solid, with large enterprises continuing to play a stabilizing role [3] - The manufacturing sector's production activity expectation index rose to 52.6%, indicating optimism for future performance [3] - Non-manufacturing enterprises maintain stable optimism, with a business activity expectation index of 55.8%, suggesting continued growth in investment and consumption activities in the second half of the year [4]
7月份制造业PMI回落 新动能持续增长——经济总体产出保持扩张
Jing Ji Ri Bao·2025-07-31 21:42